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Compute what amount should be reported for share premium

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Reference no: EM132757465

At the beginning of the current year, Cove Company, a closely-held entity, issued 6% bonds with a maturity value of P6,000,000, together with 10,000 ordinary shares of P50 par value, for a combined car amount of P11,000,000. If issued separately, the bonds would have sold for P4,000,000 an 8% yield to maturity basis.

Problem 1. What amount of the proceeds should be allocated to the ordinary shares? Please show solution

Problem 2. What amount should be reported for share premium on the issuance of the ordinary shares?

Reference no: EM132757465

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